The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. The online RETTD Public Lookup Application allows users to review and download or print PDF versions of RETTDs going . New veteran benefit. Your will have the option to Resubmit the declaration with the required information or Delete it. No. PL 1993, c. 680, A31 (AMD). Click on the yellow Create a New RETTD button. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Department of Economic and Community Development. Please contact our office at 207-624-5606 if you have any questions. What do I do if my declaration is returned to me by the Registry of Deeds? More information and instructions can be found on our forms page, from the link below. The amount to be withheld is equal to 2.5% of the sale price. Real Estate- The real estate transfer tax is imposed on each deed by which any real property in this state is transferred. Transfers pursuant to transfer on death deed., [PL 2017, c. 402, Pt. The information will be brought back to you in a pending status; you may choose theCancel,EditorSubmit Formbuttons at the bottom of the page. PL 1977, c. 318, 1 (RPR). MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Fannie Mae and Freddie Mac Exemption from Real Estate Transfer Tax (PDF), Free Online Real Estate Transfer Tax Filing Service (PDF), 4641-E Powers and duties of State Tax Assessor, Real Estate Transfer Tax Database FAQs (for municipalities). E, 2-4 (AMD). PL 2017, c. 402, Pt. Click on the yellow Continue to Log In button then log into your account by entering your Account Number and Password and clicking on the yellow Log In box. You may search by Book # and Page #, and by Minimum Price and Maximum Price as reported on the declaration. In addition to the federal levy, some states charge their own estate taxes with . You may also search by theDLN(document locator number); this unique number is displayed on the database and on the printed copy currently mailed to the municipality. Electronically filed declarations will be available to municipalities to view and print via the . This form must be submitted at least 5 business days prior to the closing. Forms not received timely may be denied an exemption or reduction. PL 2009, c. 402, 22, 23 (AMD). interpretation of Maine law to the public. Governmental entities., 2. There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. The Registry of Deeds, Maine Revenue Services and the municipality may access the declaration by entering that DLN into their database. - Definition, Registration & Examples, Tripartite: Definition, Agreement & Model, Working Scholars Bringing Tuition-Free College to the Community, Deeds transferred when transferor is on death bed, Deeds issued to clear a clouded title or correct an error on a previously recorded deed, Deeds issued between immediate family (e.g. Click on Create an Account, a yellow box on the right side of the screen. Home For a $150,000 home, the buyer and seller in Maine will both pay $330 for the state transfer tax. A copy of the Section 1031 like-kind exchange contract must accompany the request for exemption form. Alternate formats can be requested at (207) 626-8475 or via email. To view PDF or Word documents, you will need the free document readers. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Abatement of Property Taxes - Municipality, Abatement of Property Taxes - Unorganized Territory, Abatement of Property Taxes - Inability to Pay, Hardship, or Poverty, Blind Persons Exemption from Local Property Taxes, Homestead Property Tax Exemption for Cooperative Housing Shareholders, Homestead Property Tax Exemption for Cooperative Housing Corporations, Request for Alternative Sale Process for Foreclosed Homes, Controlling Interest Transfer Tax Return/Declaration of Value, Assigned Rights to a Foreclosed Property Transfer Tax Affidavit, Statement of Total Discontinuation of Vehicle Use, Veteran Exemption for Widow(er), Minor Child, or Widowed Parent of a Veteran, Veteran Exemption for Cooperative Housing Shareholder, Veteran Exemption for Cooperative Housing Corporation, Veteran Exemption for Cooperative Housing Shareholder - Widow(er), Minor Child, or Widowed Parent of a, Property Tax Stabilization Application (the current year application was due December 1). Fully exempt property tax may include real estate or personal property owned by governmental entities . After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. Deeds affecting a previous deed., 4. Maine has a variety of taxes. You may be charged a capital gains tax on the amount of money that you made. If you are the seller, you can include the transfer tax in the cost basis of the property. None of the information required to create an account is shared; MRS may use the information to contact the municipality if a need arises. The amount to be withheld is equal to 2.5% of the sale price. BENEFITS PACKAGE: Hybrid work . The Registrar will review the declaration when the deed is received for recording. There is no fee to obtain an account or to access and use the database. The Maine real estate transfer tax rate is $2.20 for every . PL 2005, c. 397, C22 (AFF). Are you wondering if you meet any of the other 19 exemptions listed in the document? The state of Maine has a real estate transfer tax that is due whenever the deed to real estate is exchanged between two parties for money. To view PDF, Word or Excel documents, you will need the free document readers. What happens to the declaration after I process it? PL 1985, c. 691, 32 (AMD). The DLN (document locater number) is a unique number assigned to that declaration. The property transfer doesn't become official until it is recorded by the Register of Deeds in the county where the deed being transferred is located. [PL 2001, c. 559, Pt. Change in identity or form of ownership., [PL 2017, c. 402, Pt. PL 2013, c. 521, Pt. The current rate for the Maine transfer tax is $2.20 per every $500 of the sale. The transfer tax is collected on the following two transactions. Sales tax is 5.5% and local governments do not tack on a local tax. This will enable a download of PDF selected RETTDs. . Home TheTransfer Datesearch will identify a declaration using the date of transfer reported on the declaration, not the date recorded by the registry. The declaration of value form is a summary of the transaction which includes the signature of both parties to the transaction, their tax ID numbers, the assessor's parcel number of the subject property and the price of the property. Deeds of foreclosure and in lieu of foreclosure., 14. https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Home Electronically filed declarations will be available to municipalities to view and print via the database in 3-5 days from date of filing with the registry. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Users to create and electronically file RETT declarations; Registries to process RETT declarations; MRS to approve RETT declarations; and Municipalities to view and print RETT declarations and to update data for the annual turn around document. Then assume you're selling the house for $500,000. You will be provided a password when your account is created; we recommend that you change this password so that only you (and your staff) will know the password. The amount you spent on the transfer tax can be subtracted from your profit so that your capital gains tax bill can be reduced. Deeds of distribution., [PL 2017, c. 402, Pt. Join Clevers network. Note that for sales occurring on or after January 1, 2021, this withholding requirement applies to sales of property only when the consideration paid is $100,000 or more (previously $50,000). This will open the Create an Account page allowing the user to enter their demographic information. Click theSelect Allbox or select the single declarations you wish to print. B, 8 (AMD). All of these fees are somewhat understandable. Since you paid $2,000 in transfer taxes before, your total taxable capital gains would only be $98,000. The Register of Deeds will then forward 90% of the fee collected to the Maine state tax assessor. Talk with your agent to see if you could be exempt from this tax. The loan company financing the transaction. Each account requires a unique email address. The real estate transfer tax can also be called the deed tax, mortgage registry tax, or stamp tax. To view PDF or Word documents, you will need the free document readers. 7. - Summary & Concept, Intrusion Detection Systems (IDS) in Data Security, Collision & Broadcast Domains: Definition & Difference, Software Development Tools: Assemblers, Profilers & Editors, What Is a Case Brief? Certain classes of property are tax exempt by law. Alternate formats can be requested at (207) 626-8475 or via email. Home 4641-4641-N The transfer tax is collected on the following two transactions. Maine Non-resident Income Tax Withholding Maine law requires a purchaser of Maine real estate to withhold income tax totaling 2.5 percent of the consideration paid for the property. Please contact our office at 207-624-5606 if you have any questions. copyright 2003-2023 Study.com. To apply for an exemption or reduction, use Form REW-5. Municipal staff and designated individuals must contact the Property Tax Division to request an account. Revised: 4/8/2022 Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. Real Estate Withholding (REW). Capital gains are taxed same as ordinary income. 8. How to Create a Real Estate Transfer Tax declaration? But did you know that a large chunk of your closing cost is a transfer tax? All you need is Internet access. Deeds of partition., 7. There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. Morris and Tom are 50/50 co-owners of a large property in Kennebunkport. Enter your zip code to see if Clever has a partner agent in your area. Partial exemptions must be adjusted by the municipality's certified assessment ratio. The tax rate is $2.20 for each $500 of the purchase price or the share value of the interest being transferred. Whether you are buying or selling property, your agent will talk you through the process and make sure you understand all the different fees and taxes that you will be charged at closing. Both the buyer and seller pay transfer taxes in Maine. In 2022, the Maine Legislature enacted an expanded benefit for veterans through the Property Tax Fairness credit. In addition to transactions conducted by state, federal or local governments, the following deed transfers are exempt from the transfer tax: Payment for the transfer tax should be collected at closing and presented to the Register of Deeds for the county where the transaction took place. Once these fields are filled, select. There is no fee to obtain an account or to access and use the database. No one wants to be surprised with an expensive tax at closing. How to Create a Real Estate Transfer Tax declaration? Is there a fee to use the RETT database? 4. Limited liability company deeds., [PL 2001, c. 559, Pt. E, 2 (AMD); PL 2019, c. 417, Pt. Skip First Level Navigation | Skip All Navigation. What happens to the declaration after I process it? The tax is imposed on the grantor, on the grantee. The register of deeds will compute the tax based on the value of the property as set forth in the declaration of value. We administer the real estate transfer tax, commercial forestry excise tax, controlling interest transfer tax, and telecommunications business equipment tax and we determine annually the amount of tax reimbursement to each town for veteran, homestead, and animal waste facility exemptions, and tree growth tax loss reimbursement. To view PDF or Word documents, you will need the free document readers. Deeds by subsidiary corporation., 9. You can look at the tax form on the State of Maines website, but unless you are an accountant or lawyer, it may not make much sense to you. Under the blackPrint Batch Reportclick onView printable report. Access the link https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. When learning about complicated issues like taxes and closing costs, sometimes it is easier to have an expert sit across the kitchen table from you to explain things. As such, each party is required to pay $1.10 per every $500 or $2.20 for every $1,000 of the price of the home. 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